Reliance to sell stakes for Rs 1.15 lakh cr to become zero-debt firm in 18 months: Ambani

Richest Indian Mukesh Ambani on Monday announced plans to sell stakes in his flagship Reliance Industries' oil and chemical business to Saudi oil giant Aramco and in fuel retail network to BP plc of UK for a combined Rs 1.15 lakh crore as he looked to make his company a zero-net debt firm in 18 months.

Parallelly, the oil-to-telecom conglomerate will roll out fiber-based fixed-line broadband services from September 5, offering internet speed of at least 100 mbps, free voice calls for life, television and video streaming on HD sets given for free along with the connection that would come for as low as Rs 700 per month, he said at the company's 42th annual general meeting (AGM) here.

Ambani said Saudi Aramco will buy 20 per cent stake in Reliance's oil and chemicals business at an enterprise value of USD 75 billion while BP will pick up 49 per cent in the company's network of petrol pumps and aviation fuel facilities.

The Saudi investment is "the biggest foreign investment in the history of Reliance," he said. "It is also among the largest foreign investments in India."
"We have a very clear roadmap to becoming a zero-net debt company within the next 18 months, that is by March 31, 2021," he said. "We expect to complete transactions with Saudi Aramco and BP within this financial year. These are expected to generate an inflow of Rs 1.15 lakh crore."
"We will induct leading global partners in these businesses in the next few quarters, and move towards the listing of both these companies within the next five years," he said. "We will also evaluate value unlocking options for our real estate and financial investments."
JioFiber customers opting for annual plans will get an HD or 4K LED television and a 4K set-top-box free, he said. "We are calling this the JioFiber Welcome Offer."
Watched by his mother Kokaliben and children, he said as India is getting transformed into New India, "Reliance will also transform itself into New Reliance"